Smithian rationality

It is of common usage to start the story of rationality by the logos of the Greek Antique world. The transformation of logos into ratio through time is not solely a translation from Greek to Latin but rather the sign of a paradigm shift in the turn of mind. Modern times have witnessed the replacement of metaphysical and theological elements by rational knowledge. This process which was boosted by the Enlightenment in the 18th century, followed a distinctive way in Scotland. Adam Smith, in conformity with the methodology of the Scottish Enlightenment, attempted to apply Newtonian empiricism to moral sentiments. The popular wisdom on Adam Smith's rationality brings self-interest into the forefront. However, prudence, a term closley associated with rationality in the Theory of Moral Sentiments propounds a braoder perspective. Self-interest is only one among other components of prudence. On the other hand, sympathy is the key factor for explaining the economic functionning of the society. By involving the impartial spectator as a vertical factor in his rationality, Smith makes sympathy operable. To what kind of rationality Smith makes reference by the invisible hand metaphor can be perceived exclusively by studying how prudence, under the impact of sympathy and the arbitration of the impartial spectator shows itself through social relatisonhip.